Former Treasury economist Lord Nicholas Stern will today reiterate his call for governments to put a strong price on carbon, with a new paper that warns the bulk of research to date on the topic may have underestimated the costs of climate change.

In a paper due to be published in The Economic Journal, Stern and his colleague at LSE’s Grantham Research Institute on Climate Change, Simon Dietz, produce an updated model for predicting the risks associated with rising concentrations of greenhouse gas emissions in the atmosphere.

They argue that the well-established DICE model (dynamic integrated climate-economy) is in fact too narrow to measure the sensitivity of the planet and economy to greenhouse gases.’ To read more click here.